RCIF and Hainan province to invest USD 500 million in Russian-Chinese innovation, healthcare, and tourism projects

Press release, 05.07.2017

Moscow, 5 July 2017 –The Russia-China Investment Fund (RCIF, established by Russian Direct Investment Fund and China Investment Corporation) have agreed to cooperate and implement joint projects in Russia and in the Hainan province of China. The agreement was signed today by the leaders of RCIF and Hainan. The signing ceremony was held today as part of the Chinese President Xi Jinping’s state visit to Russia.

The agreement supports development of the Belt and Road Initiative and bilateral investment cooperation between Russia and China. The agreement identifies the development of industrial and innovative parks, high-tech healthcare services, tourism and social infrastructure, and culture and art initiatives as priority areas. The total scope of the planned projects is more than $500 million.

Kirill Dmitriev, CEO of RDIF and Co-CEO of RCIF, noted:
“We are systematically improving bilateral communication with the key partners in China, not only at the investment institutions’ level, but also at the level of specific provinces to consolidate new growth points for the economies of Russia and China. Hainan has unique opportunities for tourism and recreation as well as significant scientific, cultural, and educational potential. All this paves the way to successful investment cooperation for RCIF as well as its portfolio companies and partners who have extensive experience in Hainan.”

Bing Hu, Co-CEO and President of RCIF, noted:
“Hainan Province stands as a significant portal of the Maritime Silk Road, which is part of the ‘Belt and Road Initiative’; and RCIF is committed to enhance bilateral investment and trade between China and Russia. Therefore, we greatly value the investment potential that can burst out from the collaboration between Hainan Province and the Golden Ring of Russia, especially in the field of tourism, cultural communication, medical services, and new technology innovation.”

Mao Chaofeng, Executive Vice Governor of Hainan Provincial People’s Government, noted:
“Hainan is the significant province to conduct cooperation in tourism, culture, innovation and healthcare services between China and Russia, which enjoys great potential. Russia is the biggest source of tourists for Hainan. It is believed that the agreement will boost thorough cooperation between Russia and China as well as benefit Russian tourists more. Hainan Provincial Government will provide assistance to have the agreement fully implemented.”

Russia-China Investment Fund (RCIF) is a joint fund established by the Russian Direct Investment Fund and China Investment Corporation (CIC). The activity of RCIF is aimed at development of bilateral economic, trade and investment relations between Russia and China. Further information can be found at www.rcif.com

Hainan Province is located in the south of the PRC and today is the most popular destination for Russian tourists in China, and has also become the focus of innovation in technology, healthcare, and culture. The province is considered a "new southern bridgehead" for the development of strategic Russian-Chinese cooperation in a number of areas, including investment.